Reports published by the House of Lords reveals the widespread challenges faced by ‎the UK government
December 16, 2016

The House of Lords EU Select Committee has published a number of reports into the ‎impact of Brexit: these include financial services, UK-Irish relations, trade options and ‎migration rights. In the financial services report, the Committee has concluded that ‎significant reform is required, such as the need for a better ‘evidence-base’ given that ‎access to EU markets is largely regulatory based and is not always compatible with the ‎business structures of firms. The Committee has also put forward proposals for a ‎transition period after the 2 year leaving process – this policy was supported earlier this ‎week by the Chancellor, Phillip Hammond. Other issues discussed in the report include ‎the passporting rights of UK businesses (the ability to operate in the EU without tariffs ‎and charges), UK-EU commercial relations and the desire for negotiations to begin as ‎soon as possible to help stabilise financial markets. Furthermore, the House of Lords is ‎seeking assurances that UK businesses will not lose the ability to hire EU talent with ‎recent studies showing that skilled migrants play a crucial role in the success of the UK ‎economy. ‎

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